Russia: Putin instructs Gazprom to increase gas storage capacity in Europe

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Russian President Vladimir Putin has instructed Gazprom to start working to increase the volume of gas in European storage facilities after pumping Russian underground gas storages, speaking at a meeting on developing resource potential of the Yamal Peninsula in Novo-Ogaryovo on Wednesday.

According to Putin, the measure would create a more reliable and favorable situation in the global energy market.

“It remains highly volatile […], And the level of natural gas reserves in European underground storage facilities is significantly lower than the average over the past five years,” he added.

In this regard, Putin cited among the reasons for this state of affairs in the European market, the decline in supplies of liquefied natural gas from the US, shortage of which has been made up by Gazprom.

SOT, Vladimir Putin, President of Russia (Russian): “We have regular discussions like this, and it is very important, especially against the background of the current situation in the global energy market. As you know, it remains highly volatile. I am referring primarily to the situation on the European natural gas market, where prices for so-called spot, short-term contracts still exceed one thousand dollars per thousand cubic meters, and the level of natural gas reserves in European underground storage facilities is significantly lower than the average over the past five years. We have already talked about the reasons for this situation many times, and I have said it before. It is a drop in Europe’s own gas production and a reduction in LNG supplies to European markets, primarily from the United States, which have removed a significant volume from the European market. By the way, Gazprom made up for that, even supplying more than the volume the Americans and the Middle Eastern suppliers had withdrawn. *MULTIPLE SHOTS AT SOURCE*

SOT, Vladimir Putin, President of Russia (Russian): “Aleksey Borisovich, I would ask you to start a smooth and planned work to increase the amount of gas in your underground storage facilities in Europe - in Austria and Germany - by November 8 or 8. As you know, this will help you reliably, consistently, and rhythmically fulfill your contractual obligations to supply gas to your European partners in the autumn and winter period. Above all, it will certainly create a favorable situation on the European energy market in general.” *MULTIPLE SHOTS AT SOURCE*

SOT, Vladimir Putin, President of Russia (Russian): “I want to stress that the situation in Europe makes it clear how important stable, reliable cooperation in the energy sector is. Gazprom is fully complying with the long-term agreements with the European countries.” *MULTIPLE SHOTS AT SOURCE*

SOT, Vladimir Putin, President of Russia (Russian): “The main thing for us, of course, is that domestic consumers - citizens, housing and utility companies, industries, and other sectors - are fully supplied with gas at sustainable prices, at the same time, for the long term, taking into account our big plans for gasification of regions - and this is also important, this is also one of our priorities.”

#Putin #Russia #Gazprom

Video ID: 20211027-050

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